This page has been archived and commenting is disabled.
17,600 Laid-Off Canadian Target Workers Stunned At Ex-CEO's "Walk-Away" Package
Earlier this month, Target announced it would close all of its 133 stores in Canada, laying off the 17,600 employees north of the border.
As CBC reports, Target's "employee trust" package for its Canadian workers, announced last week, amounts to around $56 million, providing each worker with 16 weeks of pay.
But - what is perhaps more stunning is that, depending on who’s doing the calculation, the golden handshake "walk-away" package handed to ex-CEO Gregg Steinhafel last May is in roughly the same ballpark at around $61 million, including severance of $15.9 million.
It appears underperforming is the new killing it...
»
- 17448 reads
- Printer-friendly version
- Send to friend
- advertisements -
"lol got ya bitches!"
The Recovery has finally made it way up to Canada
US Layoff List: http://www.dailyjobcuts.com
-
16 weeks pay is actually generous by US standards.
When I was terminated from a job I had for 30 years because of a plant closure I got 10 weeks pay plus 2 months health care coverage. The company was actually not legally obligated to give us anything besides COBRA subsidized health care.
Attention, clean up on aisle 5
Corporations exist SOLEY to enrich the executive class, and to pay protection money to politicians.
You think any differently, you must have just fallen off the turnip truck.
" Shock and Awe, " Bitches !
However, where I work, 16 weeks would be considered quite generous considering our Christmas Bonus was a couple of coupons to a local steak dive. What I still don't understand is how these CEOs get away with this shit with no one being Tarred & Feathered ?
At least throw a shoe at him !
Let them eat the rich.
$61M "PAY Package"... The .01% 'er WINS Again Bitches/Folks...
There are many employees that believe corporations (or any business) exist for them to make money. I guess everyone thinks the world exists for themselves.
That's cause you live in the uncivilized world of corporate amaerica. They had to offer target workers at least that in Canada ... course we see how they treat their own who fuck up so well. Bonus for you equal to what we give the 17000 who had to suffer working for you.
Bait and Switch: The (Futile) Pursuit of the American Dream
http://www.amazon.com/Bait-Switch-Futile-Pursuit-American/dp/0805081240/ref=sr_1_1?s=books&ie=UTF8&qid=1421970685&sr=1-1&keywords=bait+and+switch+barbara+ehrenreich
Can you imagine the work it takes to drive around and lock up 133 stores? He earned every dime.
/sarc
Joke's on him, severance to be paid in Canuck Bucks.
Look at the mess what’s his name made of Sears. LOL
I think Lampert had to eat $200M in a day.
Bring Ron Johnson in; he did such a swell job at JCP:
THE JC PENNEY DISASTER TIMELINE: How Ex-Apple Guru Ron Johnson Is Destroying The Companyhttp://www.businessinsider.com/the-jcpenney-disaster-timeline-how-ex-app...
"Workers Stunned" ?
Did they actually believe that because they called them 'associates' and talked about 'teamwork' that they wouldn't get screwed over?
People are such naive children today.
Used to have a racket hitting Target up on Sat mornings, snarfing up the Elmo dolls or whatever the hot toy was that season to the yammering mouth breathers, and dumping it off on FeeBay for a quick 300+ percent profit. There ALWAYS was a group of local derelicts also there, the same men, waiting on the open to rush to the Hot Wheels section looking for ... whatever Hot Wheels weirdoes look for.
What always made me feel vaguely nauseous was watching the Target people in their red shirts, being led in cheers and mantras by the head commissar, er, store manager.
It was creepy, kinda like the derelicts that bring you your free thimble-size birthday cupcake at Applebees, singing "Happy Birthday" in a bored monotone while the Birthday Mouthbreather slaps its flippers together in anticipation of sugary bliss.
Shit like that makes you seriously consider embracing any post-apocalyptic scenario we may encounter as a positive, hopeful future.
Canada Underperforming Near Term
Canada nice, eh?
This is payback for calling ordinary ham "Canadian bacon!"
Ahh, welcome back golden parachutes!
Yeah. He flew to Davos to give a worshop on how to screw the little guys. Was best attended meet, so far.
That comes next year.
Wonder if this is part of hacker money that disappeared?
Any case...SORRY!
The employees each got 16 weeks of pay, and the CEO got $61 million, which is what he normally spends in 16 weeks. So everybody got his or her fair share.
A rising tide lifts all yachts.
Don Pyle apparenly missed it. Which spook got him & why is ATF investigating? Pentagram, NSA, Pissed off dismssed high ranking xmil?
http://www.washingtonpost.com/local/crime/fire-guts-anne-arundel-mansion-reston-it-exec-don-pyle-wife-4-children-feared-inside/2015/01/19/5a3945fa-a014-11e4-903f-9f2faf7cd9fe_story.html
Worked in Annapolis (I grew up in the county) the day after it happened and it was the talk of the town. Seperately we are working on another mansion from which you can see the ruins. I have not been to the job to see the ruins (which are still an eye squint, but apparently viewable from across the river).
Another theory around here is that it was one of the sons + daughter-in-law, apparently two hardcore druggies (which is the whole reason the grandkids lived in gramp's mansion) who were written out of the will.
Could also be some mossad shit though. Why was the whole family in one section of the basement? I wonder if anyone will be found having tried (or not) to escape? And if so what will the "official" report say?
Odd that the feds would "investigate" too. I've never heard of this happening for other house fires.
Must be a little dick.
He prenupped some folks.
They got fucked without the honeymoon.
We violated the anal integrity of some folks.
#41
I'm surprised the supply of CEO's is so limited that they've been bid so high. QE?
Especially such high quality CEO's that can run down a company in 24 months. Good job.
It doesn't really matter because we all know that his severance package will be spent into the economy and trickle down, right? Isn't that literally the entire stated justification for US economic and tax policy for the last 40 years or so, and hasn't it worked brilliantly?
This is more a case of "tinkle down" economics.
Still works better than "let's take their money and equally distribute it...hey, where'd all the food go?"
He needs some custom dental work.
is it safe?
Brass knuckles?
The payments to the workers are likely far less. if canadian law is like Texas, severance beneits offset dollar for dollar -unemployment compensation payments -so if the employees get $5,000 severance, they can't collect unemployment benefits for manay , many months, until the offset is used up. This saves the company the cost of most of the severance, and they would have had to pay it anyway -by law.
Those lower BoC interest rates will go a long way helping savers, and the socialized Canukistan medical system.
Canukistan? Did you get that from SNL? If not, send it to them. They could use a humor upgrade.
How's that "ingrown toenail" waiting list treating you Ehhh?
132.3 employees per Target store? Am I missing something here?
OK. I guess that's about 44 people per 8 hour shift. I was initially surprised by that number but I suppose running a store of that size takes a lot of people. So... short the Canadian dollar because their economy is going to get a serious kick in the crotch once this starts ripplilng out.
Don't forget the people in the back you never see: shipping and receiving, 7-10 person day unloading crew, 7-10 person night re-stocking crew, phone operator, HR (diversity coordinator) manager, loss prevention manager, etc.
These are all solidly middle class and lower middle class jobs. You can laugh at them all you want, but millions of people pay their bulls that way.
lol, An 8-hour shift at a retail store. Too funny.
These part time shit jobs offer 5 hour shifts and still make the employees clock out for an unpaid half hour lunch.
How many are part time employees working less than an 8 hour shift?
Also you don't divide by 3 but by 5 to get the average per shift as otherwise they would need to work 56 hour work weeks and never have sick leave, annual leave, maternity leave, workplace injury leave etc.
Yes. @2/3 of an employee.
132.3 employees and you still can't find a clerk to wait on you when you have a question, like most big box stores today
another score for the "stein" family- so far about 1 trillion to 563,
61 mill? He could bailout that hedge fund guy that lost 100 mill or 99% of client money
The size is unreal
thats what she said
If I had a dollar for every time I heard some chick tell me that... I'd have enough for the bus fare home.
Cnbc.com banner headline says the Saudi King died. Didnt some article recently predict that all hell would break loose there once that happened. Sounds like we will ge to see if that article was correct.
twitter rumour earlier. He dies at least every few months.
State TV, I guess that's official enough.
Goddamn minimum wage. How dare those serfs ask for moar!
wow
Hey Canadians, maybe you should have kept your guns and ammo. You dumb fucking sheep.
We do have a lot of guns up north.
https://en.wikipedia.org/wiki/Number_of_guns_per_capita_by_country
Good the hear Maxter. Keep them and don't submit like the other POME cunt nations. POME: Patriot Of Mother England, and the zionist, rothchild banking empire that plans to make us all peasants.
Guns and ammo puffery, huh.
What about yesterday’s "truly sorry" post? No gun shots. LOL
http://www.zerohedge.com/news/2015-01-21/hedge-fund-manager-loses-998-9-...
Target. Heh, heh, heh, heh, heh. Heh, heh, heh, heh, heh.
Do they sell nail guns? Or shit gums?
Watch your back, your head, your neck...
UNFUCKINGBELIEVABLE!
We targeted some folks.
Makes you believe that the CEO in the USA wants a larger "Walk Away" package when it is his turn.
Mr. Steinhafel is a "Piker".
Bob Nardelli got $210 million in cash and stock options, including a $20 million severance payment and retirement benefits of $32 million when he left Home Despot in 2007 for Chrysler.
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/03/AR200701...
<sarc alert>
Mr. Steinhafel is in davos, giving lectures on growning ones equity in the world economy thru theft, it was standing room only.
Yo the end is nigh. You know how I know? Ok I'll tell ya. This is the saddest day in the life of Q99X2. This is the last day of his 20 year vacation. And what is worse dude is going to work for a Harvard boss. Such cruelty, such despair, such a neoliberalist casualty. Gone are the days of Yellen goin up his FAFSA and of spotting Obama somewhere near the White House a Clappering and Yellen while Holdering his Bernanke. How he envies the laid of Target employees as they are freed from their bondage. Woa is me. Goodbye world. Hello NWO. I think I'll check out CNBC
https://www.youtube.com/watch?v=rX7wtNOkuHo
that bar chart is retarded. Makes it look like he made 100% more when it is actually 10% more. Still unbelievable but so is that chart.
I like the chart. It shows one man , an apparent failure, making more than 17,600 people. I also like the green as in $$$$. And red as in blood. Great chart and easy to see !
He's not the CEO of target CANADA. He's CEO of the entire company. Look at the # of Canadien stores divided by the number of total Target stores.
Easy Math!
You are more astute than 99% of the readers here who will force this to be a story they have pre-written in their own minds.
Of couse his name is Steinhafel - because he has to be either a Zionist or Nazi.
Not in this case. He's Christian.
ps... it took me only 14 seconds to find out that fact.
Hitler was a Catholic christian and obviously a Nazi.
Gaslighting. If it doesn't look right to you, then you are crazy!
- Conservative Business Practices in Canada or USA? NO.
- Activist Shareholders? NO.
- Lawsuits from Investors or Government? NO.
So what's dear Tyler's view exactly? It's terrible if CEOs make millions and equally terrible if CEOs are taxed progressively? And what exactly is dear Tyler's solution?
No man on earth deserves 60 millino dollars a year unless he can heal the sick and perhaps walk on water. He runs a chain of department stores. But his true job was putting into place a Target in the cross hairs of shoppers on every corner so the competition (you know, mom and pop),is eliminated. It's happening as we speak. Soon, there will be a Target, Walmart and Kmart store every 500 miles rather than every 5 miles . This way they can jack the prices up to an exorbitantly high amount, due to supply and demand, making elimination of the middle class (those pesky middle class who expect to RETIRE).
This is a racket. Gangsters belong in prison.
Speaking for myself I don't mind CEOs making $50-100 million as long as they earned it through hard work, innovation and real growth.
Do you think the Target (ex) workers would mind his huge severence package if he had saved the company, increased profits, given everybody better wages and job security and improved customer satisfaction?
Reward success, not failure.
This was a "success". Well for the CEO of course, but not all of those employees.
Reporting: facts, numbers
Views, opinions: not news
My kid made me go out to a Target in USA last nite for hockey trading cards ... Lol. Haven't been there in years. No one in the gigantic place. 20 cash registers. Only 2 open. I said let's grab a popcorn at their food Court thingy. Only to turn the corner and its a fucking Starbucks now !!!
He said. Yeah, it's Starbucks. No popcorn. Mommy takes us here all the time !!!!!!!!!!!
let them eat cake!
So it works out to $397.73 per every 2 weeks for 16 weeks = $3181.00 total comp. Now that sucks . (before taxes)
has nothing to do with the workers. some idiot mismanaged a large corporation and ran it into the ground, and is getting paid huge for having done it. and nobody will stop it.
Um, just so you know. Capitalism is waiting for Jesus to return. He’ll stop all of this any day now. Sigh.
I love the comments on this site. I'm LOLing throughout. Whenever I feel sorry and hopeless, I come here and see rage and despair, and it feels good.
@ThoreauHD
Rage? Yes.
Some excellent humour? Check.
Pretty obvious paid trolling? Yup.
Despair? Not so much.
Good Kitty. Fuck dispair. Fuck hope. "Zero" in on what is up and take it as it comes one con at a time. On a long enough time line, they don't win. Fuck Jon Corzine who can steal 1.2 billion and walk around free while bank robbers with guns and masks who get a few thousand dollars they don't get to spend, go to jail. Be clear, Jon is fucked because Jon has to live being Jon.
The problem is that Jon doesn't know that living as Jon is disgusting and deplorable.
It's called "Pay for Performance"...they just didn't specify what type of performance...same as Carly Fiorina at HP
Way to go Swinehalfull ! Heck of a job !
16 weeks, 61 mil, both greek to me, nada zero after 19 years in the company, that´s how it´s done.
' born free as free as the wind blows as free as the grass . . '
Shut the FUCK up you CUNT!
'OK'
Interesting that they would close all stores in canada - what is it about canada? Target sucks wherever it is - Kmart on QE.
This is a prime example of the difference between an agent (a front) for TPTB and an ordinary executive. When plantations are closed, the controlling agent just moves on; provided TPTB still want to use him. But as you see in other cases, the agent isn't told when he's no longer needed, and he falls along with everyone else.
Four months of pay for no labor. Serfs shouldn't be treated with kindness lest they come to learn it.
Don't hate the playa......hate the game.
I could of made the business fail for only 30 million severance.
If there is no check to the power at the top, this is what happens and it is just a symptom of the Anglo/American model of capitalism's sickness. Utterly gauls me though that such stunning incompetence is rewarded so handsomely.
Same people who want to gut the safety net, ban abortion, and push more 'individual responsibility' are the same people who do the exact opposite to ensure that there children are privately educated at primary school starting at a minimum of $15-20k, get into the right colleges, and go from there. If they screw up along the way and get hooked on drugs, knock somebody up, DUI, etc, they have the means and ability to hush it up generally, get them treatment, and take care of it without much repurcussions. Also ensure their kids never have to serve in the military and strongly encourage them to select industries where there professional/family ties (if not outright owning a successful family business) open all kids of doors from them.
If most people in the US knew how remotely rigged the game was against them even from the time they were in middle school, they would be appauled and demand for change.
The guy came from non-1%er upbringing and has worked for Target from the low job to the top job... since 1979.
Stop implying that he's somehow not worthy. He's obviously a very capable person. This whole 1%/99% is mostly BS and in this specific case... complete BS.
The 99% talk divide, while the 1% conquer.
"amounts to around $56 million, providing each worker with 16 weeks of pay."
This is pretty damn hefty. How any of you are complaining makes no sense. 16 weeks of pay is mint.